Archive: MoneySavingExpert's Money Tips Email

British Gas up to 25% price hike. FIX NOW OR STICK
Urgent! Rumour the cheapest fix is likely to be pulled soon | EVERYONE check now

British Gas announced on Friday it'll hike prices an average 18% for gas and 16% for electricity on 18 August, hammering 9 million customers with a £190 avg rise. Dual fuel customers in some areas face worse rises of up to 25% (see British Gas hike news).

• EVERYONE check now, even if you're not with BG. This isn't just about BG or Scottish Power which has also announced rises. Energy companies are like sheep, so it's likely the others will follow soon. Check you're on the right tariff now.
• Fix NOW if you can't afford rises. A fix guarantees your rate won't rise for a set period, eg, two years. Millions on standard tariffs can typically save £150+ a year with the cheapest fixes, even before price hikes - and get added insurance against price rises. While online 'variable' deals are still cheaper now, just an 8% hike in prices, far less than predicted, would see them more expensive than fixes. Full 'fixing FAQ' in the Cheap Gas & Elec guide.

• Rumour! Cheapest fix likely to be pulled. We've heard one of the current cheap fix tariffs may be pulled any day. So if you're going to fix, speed is crucial (as this isn't about just fixing, but fixing cheaply).
• Speedily find your cheapest fix (and get cashback/wine). Plug your details into a comparison site and click the 'show only fixed tariffs' tab. Top Comparison: If it can switch you, Energyhelpline* pays £15 cashback per switch whether on gas, electricity or both. Dual Fuel: MoneySupermarket* pays £30 cash, Uswitch* a crate of wine, SimplySwitch* £40 cash (cashback only via these links not direct).
  

• If not fixing - STICK for now. If you don't want to or can't fix (eg, on pre-pay meter or super cheap variable tariff, so fixing's too costly) hold fire and wait until all the big suppliers have hiked prices to compare. Otherwise you could just be jumping from the frying pan into the fire by moving to a provider who then hikes prices even more.

Full tips, help and more cashback in the Updated Guide: Cheap Gas & Elec Related: Energy Efficiency Grants

Travelex 1-HOUR currency flash sales Urgent! Euros, dollars, Turkish lira & others included - perfect for airport pick-up Summer holidays are nearly here, and giant currency bureau Travelex has tipped us off it's going to boost ONLINE rates in three flash sales this week. If you need currency, this could be a boon. Travelex 1-hr flash sales. You can order for delivery or airport pick up (useful as buy-at-airport rates are dire). We don't know what the exact rates will be, but in its similar sale last year Travelex hit the best-buys. All barring $ or €: Wed 11am (inc Turkish lira, Croatian kuna) US dollars: Thur 11am euros: Fri 11am Our TravelMoneyMax.com holiday money comparison will update with the promo rates during the sale time. Note, ALL bureaux de change are weakly regulated so you've little protection if they fail. Best practice is always minimise the time between paying and receiving the currency (more warnings in the tool). Beat this using specialist credit cards correctly. A few credit cards give PERFECT exchange rates when you spend on them anywhere worldwide, consistently undercutting bureaux de change. These are Halifax Clarity, Post Office*, Saga Platinum* (over 50s) and Santander Zero (in-branch). Yet you'll need to pass a credit check and should ALWAYS repay in full to minimise interest or pay a respective 12.9%, 16.9%, 11.9% or 18.9% representative APR. Full card-by-card comparison in Cheap Travel Money guide (Official APR Examples). Rate boost on top prepaid card. Prepaid cards don't require a credit score; you load cash, then spend what's there. FairFX* usually costs £10, but is free via this MoneySup link. It's our usual top pick as it only charges for cash withdrawals, but until 19 July is boosting the exchange rate by around 0.5% on its euro and US dollar cards for £200+ top ups (will show up as the "summer sale" rate) and adds an extra £5 for £500+ top ups. It's important to note if the bank (in this case Newcastle BS) the prepaid card is backed by goes bust, you've no protection. Full info on all these cards in the Guide: Cheap Travel Money Related: £15/year Travel Insurance

Young person car insurance now avg £2,000+
Don't give up. Reduce your risk, speedily compare prices & try GPS trackers
New research shows new drivers' insurance costs now avg over £2,000/yr even for a small hatchback. You can't stop the trend but our Young Drivers' Car Insurance guide shows how to check you're not paying more than needed. Here's a summary ...

• Step 1: DOs and DON'Ts. DON'T put someone else as primary driver if it's your car - that's illegal. DO try adding a responsible older person as a second driver to see if it reduces costs, even if they'll rarely drive. DON'T modify your car (barring security) as it can boost the cost. For many more, see the guide.
• Step 2: Combine comparison sites. Whether you're a young driver or not, always first combine comparison site results, as each searches different providers. As a minimum, combine MoneySupermarket* AND GoCompare*, then add Aviva* and Direct Line* as they're big ones missed.
• Step 3: GPS tracking policies. Now check specialist young person's policies, where you usually get a black box that monitors your driving. Pay per mile: Coverbox*. Pay how you drive: Co-op. Pay less daytimes: i-kube. Then there's Swinton's broker panel and Young Marmalade* (car & insurance together). Full info in the guide.
  

After that, see if you can get hidden cashback. FULL step-by-step info in the New Guide: Car Insurance for Young Drivers Please Feedback: Did you save? Related Guides: Cheap Car Insurance, Bike

Buy a house or flat and you're likely to owe stamp duty (called that as the document used to require a stamp to make the transaction legal). It's one of the biggest lump-sum taxes and, this tax year, some of the thresholds have changed ...

• What'll the new house cost? Buy a property for more than £125,000 and you will likely have to pay a percentage of its price to the taxman. The easy way to find out how much is to use our Stamp Duty Calculator which now includes the new rates.
• First time buyers may pay less till March 2012. The first time buyers stamp duty waiver means they won't pay the tax for purchases under £250,000. Actually, first time 'owner' is more accurate as the discount only applies if you've never owned property (even inherited) anywhere worldwide. If buying jointly, BOTH must be first timers.
• Stamp duty - the UK's most ridiculous tax. It's not the fact there's a tax on property, but how it works that's silly. With every other tax, you only pay higher rates on amounts above a threshold. Here, you pay it on the whole amount. So buy a property for £250,000 and you pay 1% (£2,500) but buy one for £250,001 you pay 3% on the WHOLE amount (£7,500). See Martin's blog: The UK's worst tax

New Tool: Stamp Duty Calculator Related: Free House Valuations, Free Printed Remortgage Guide, Mortgage Guide